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COMPANY REGISTRATION NUMBER: 05782461
GPS RANGE SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2023
GPS RANGE SERVICES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
Contents
Page
Balance sheet 1
Notes to the financial statements 2
GPS RANGE SERVICES LIMITED
BALANCE SHEET
31 August 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
7,959
11,718
Current assets
Stocks
7
6,000
5,000
Debtors
8
17,219
13,983
Cash at bank and in hand
28,545
29,535
------------
------------
51,764
48,518
Creditors: amounts falling due within one year
9
( 48,290)
( 44,159)
------------
------------
Net current assets
3,474
4,359
------------
------------
Total assets less current liabilities
11,433
16,077
Provisions
Taxation including deferred tax
( 1,495)
( 2,210)
------------
------------
Net assets
9,938
13,867
------------
------------
Capital and reserves
Called up share capital
11
10
10
Profit and loss account
9,928
13,857
------------
------------
Shareholders funds
9,938
13,867
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 January 2024 , and are signed on behalf of the board by:
Mr S Heap
Director
Company registration number: 05782461
GPS RANGE SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2023
1. General information
The company is a private company limited by shares, registered in England and Wales, company number 05782461 . The address of the registered office is 25 Exley Lane, Elland, West Yorkshire, HX5 0SW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Motor vehicle
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
60,000
------------
Amortisation
At 1 September 2022 and 31 August 2023
60,000
------------
Carrying amount
At 31 August 2023
------------
At 31 August 2022
------------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
3,565
2,388
20,847
26,800
------------
------------
------------
------------
Depreciation
At 1 September 2022
2,687
1,757
10,638
15,082
Charge for the year
220
262
3,277
3,759
------------
------------
------------
------------
At 31 August 2023
2,907
2,019
13,915
18,841
------------
------------
------------
------------
Carrying amount
At 31 August 2023
658
369
6,932
7,959
------------
------------
------------
------------
At 31 August 2022
878
631
10,209
11,718
------------
------------
------------
------------
7. Stocks
2023
2022
£
£
Raw materials and consumables
6,000
5,000
------------
------------
8. Debtors
2023
2022
£
£
Trade debtors
13,750
9,948
Prepayments and accrued income
3,102
3,552
Other debtors
367
483
------------
------------
17,219
13,983
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
29
Accruals and deferred income
4,135
3,857
Corporation tax
5,775
2,733
Social security and other taxes
3,113
2,738
Director's loan account
35,024
34,631
Other creditors
214
200
------------
------------
48,290
44,159
------------
------------
10. Deferred tax
The deferred tax included in the balance sheet is as follows:
2023
2022
£
£
Included in provisions
1,495
2,210
------------
------------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,495
2,210
------------
------------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
'A' ordinary shares of £ 1 each
9
9
9
9
'B' ordinary shares of £ 1 each
1
1
1
1
------------
------------
------------
------------
10
10
10
10
------------
------------
------------
------------
12. Operating leases
Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £16,875 (2022: £3,375).
13. Related party transactions
The director's loan account, due to S Heap, of £35,024 (2022: £34,631) is unsecured, repayable on demand and currently interest free.
14. Controlling party
The company is a wholly owned subsidiary of Stephen Heap Holdings Ltd. This company is controlled by Mr S Heap .